Convenor of ExCo Non-official Members speaks on Budget
The following is issued on behalf of the Executive Council Secretariat:
Following are the remarks by the Convenor of the Non-official Members of the Executive Council (ExCo), Mrs Regina Ip, at a media session on the 2025-26 Budget in the Legislative Council Complex this afternoon (February 26):
Reporter: Does the Executive Council believe that the cuts in measure in this current budget have been enough? Would it be able to lift Hong Kong out of the current deficit that we are encountering now? And the second question, does the city itself need to consider alternate revenue streams to help better balance the books in the long term, as stated by some observers? Will it consider things like sales tax or other forms of revenue increase for the Government? Thank you.
Convenor of ExCo Non-official Members: The Financial Secretary made it quite clear that by the year 2027-28, I think, cumulatively, there will be 7 per cent cuts in Government expenditure. And, the Government will delete 10 000 Government positions and will ask the Director of Audit to discuss with Heads of Departments and Bureaux Directors how to achieve further savings. I think the Government is working very hard to cut back unnecessary Government expenditure. As for sources of revenue, I think it is entirely correct to stick to the "user pays" principle. The Government said that it would consider restoring tunnel fees and will consider charging cross-border private vehicles at land control points $200 per private vehicle, which is not a new proposal. It was first proposed by then Financial Secretary Anthony Leung back in 2003. And as the Government said, as the Government implements global minimum tax in accordance with the requirement of G20 nations, in the next five years, there will be $15 billion additional revenue, plus possible revenue after Government has studied the possibility of instituting basketball betting, that sort of thing, to counter illegal online betting. I think the Government is looking at different sources of revenue and also instituting cutbacks of government expenditure, which we fully welcome.
Reporter: In this year's financial budget, civil servants' pay will be frozen and there is an adjustment on the $2 transport subsidy. What's your opinion on such adjustment?
Convenor of ExCo Non-official Members: I think freezing public servants' pay, including our pay, legislators' pay, is the best option forward in the present circumstances. Cutbacks will have ripple effects on the private sector, and it will affect the labour sector as well. As for the $2 transport concession, which has been the focus of much public attention, I think the Government measures introduced to make it sustainable are fairly moderate. No impact on the qualifying age of those benefiting from this concession, but would help to resolve the problem of paying very little fare for very long journeys.
(Please also refer to the Chinese portion of the remarks.)
Auction of vehicle registration marks to be held on May 16
The Transport Department (TD) today (April 28) announced that the auction of vehicle registration marks will be held on May 16 (Saturday) at Meeting Room S221, L2, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.
"A total of 200 traditional vehicle registration marks (TVRMs) will be put up for public auction in the morning session, and 120 personalised vehicle registration marks (PVRMs) will be put up for auction in the afternoon session.The lists of marks have been uploaded to the department's website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html," a department spokesman said.
For the auction of TVRMs, only registration marks starting with "HK" or "XX" and special vehicle registration marks are put up for physical auction. Applicants should attend the auction and take note of the opening price as announced by the auctioneer before participating in the bidding of the mark.
The reserve price of each PVRM is $5,000. Applicants who have paid a deposit of $5,000 should also attend the physical auction and participate in the bidding (including the first bid at the reserve price). Otherwise, the PVRM concerned may be sold to another bidder at the reserve price.
People who wish to participate in the bidding at the physical auction should take note of the following points:
(1) Bidders are required to produce the following documents for completion of registration and payment procedures immediately after the successful bidding:
(i)the identity document of the successful bidder;
(ii) the identity document of the purchaser if it is different from the successful bidder;
(iii)a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
(iv)a crossed cheque payable to "The Government of the Hong Kong Special Administrative Region" or "The Government of the HKSAR". Any bidder who wishes to bid for both TVRMs and PVRMs on the same day, should bring along at least two crossed cheques for payment of auction prices(for an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed).Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card.Payment by post-dated cheque, cash, credit card or other methods will not be accepted.
(2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of Vehicle Registration Mark or the Memorandum of Sale of PVRM immediately after the bidding.Subsequent alteration of the particulars in the Memorandum will not be permitted.
(3) A registration mark can only be assigned to a motor vehicle which is registered in the name of the purchaser.The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.
(4) The display of a vehicle registration mark on a motor vehicle should be in compliance with the requirements stipulated in Schedule 4 to the Road Traffic (Registration and Licensing of Vehicles) Regulations.
(5) Any change to the arrangement of letters, numerals and blank spaces of a PVRM, i.e. single and two rows as auctioned, will not be allowed.
(6) Special vehicle registration marks are non-transferable.Where the ownership of a motor vehicle with a special vehicle registration mark is transferred, the allocation of the special vehicle registration mark shall be cancelled.
(7) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the vehicle registration mark to be assigned to a motor vehicle registered in the name of the purchaser.If the purchaser fails to assign the registration mark within 12 months, allocation of the registration mark will be cancelled and arranged for re-allocation by the Commissioner for Transport in accordance with the statutory provision without prior notice to the purchaser.
"Upon completion of the Memorandum of Sale of PVRM, the purchaser will be issued a receipt and a Certificate of Allocation of Personalised Registration Mark. The Certificate of Allocation will serve to prove the holdership of the PVRM. Potential buyers of vehicles bearing a PVRM should check the Certificate of Allocation with the sellers and pay attention to the details therein. For transfer of vehicle ownership, this certificate together with other required documents should be sent to the TD for processing," the spokesman added.
For other auction details, please refer to the Guidance Notes - Auction of TVRMs (www.td.gov.hk/en/public_services/vehicle_registration_mark/tvrm_auction/index.html) and Guidance Notes - Auction of PVRMs (www.td.gov.hk/en/public_services/vehicle_registration_mark/pvrm_auction/index.html).
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